Category: Payments

SWIFT has announced that 22 additional global banks have joined its blockchain proof of concept (PoC).

The PoC was designed to validate whether the technology can help banks reconcile their international nostro accounts in real time and is part of the SWIFT gpi (global payments innovation) service, the new standard for cross-border payments.

The PayNow fund transfer system that goes live on July 10 will not replace existing e-payment apps and methods but make them even easier to use, banks say.

PayNow will allow people to transfer money to one another using just the recipient’s mobile or NRIC number. The Association of Banks in Singapore announced it on Tuesday as an important step towards developing a cashless society.

Customers of seven participating banks – DBS Bank, OCBC Bank, United Overseas Bank, HSBC, Standard Chartered Bank, Citibank and Maybank – who want to send and receive money through PayNow will have to link their mobile and NRIC numbers to their accounts, either through the bank’s website or mobile app.

Rivetz has announced the RvT cyber security token, created to combine computing with blockchain technology to offer privacy protection.

The solution enables multi-factor authentication across devices, to achieve security at the transaction and authentication level. Moreover, it will enable peer-to-peer transactions to have provable cyber controls that become a permanent part of the blockchain record, providing cryptographic proof that the measured protections were in place before a transaction. The app checks the status of a device before undertaking a task, such as connecting to the cloud.

Rvt token is built on a technology that has already been delivered on over a billion devices containing ARM-compatible processors. It takes advantage of the established features of the Trusted Execution Environment (TEE) to provide a vault on the device to enable machine execution of instructions that are subject to owner-led policy.

The launch of the RvT token sale is expected to take place on July 25, 2017.